ANNUAL Report June 2023 Notes to the Consolidated Financial Statements 54 31. PARENT ENTITY INFORMATION The following information relates to the parent entity, EQ Resources Limited. The information presented has been prepared using accounting policies that are consistent with those presented in Note 1. 2023 $ 2022 $ ASSETS Current assets 22,913,935 12,969,887 Non-current assets 27,512,937 19,921,558 TOTAL ASSETS 50,426,872 32,891,445 LIABILITIES Current liabilities 9,365,121 4,236,606 Non-current liabilities 9,974,439 5,347,157 TOTAL LIABILITIES 19,339,560 9,583,763 NET ASSETS 31,087,312 23,307,682 EQUITY Issued capital 27,222,110 22,192,755 Reserves 3,523,413 2,848,576 Accumulated gains / (losses) 341,789 (1,733,649) TOTAL EQUITY 31,087,312 23,307,682 FINANCIAL PERFORMANCE Profit (loss) for the year 2,075,825 (1,228,489) Other comprehensive income/(loss) for the year (387) 1,933 Total comprehensive profit/(loss) 2,075,438 (1,226,556) Contingent Liabilities As at 30 June 2023 and 30 June 2022 the Company had no contingent liabilities other than those disclosed in Note 16. Contractual Commitments The following contractual commitments were entered into during the period: - Contract to purchase property, plant and equipment for $5,497,350. Non-refundable deposits of $1,780,000 were paid during the year with the balance expected to be settled via a supplier finance facility consisting of 5.75% interest p.a. with repayments spread over 48 months. This commitment is expected to be settled in the 2025 – 2026 financial year. - Compensation contract with Australian Wildlife Conservancy, the underlying leaseholder of the Mt Carbine Mining Leases (ML 4867 & ML 4919). This contract will give rise to an annual expense of $68,474 for the life of mine. - Mining Services Agreement with Golding Contractors Pty Ltd for the Andy White Open Cut mining operations. The committed contract period is for 70 months, has an estimated value of $179 million. The first 12-18 month period of the contract is based on a cost-plus model which will be transitioned to rise-and-run matrix rates once a site-specific baseline cost has been established. Guarantees Entered into by Parent Entity As at 30 June 2023, the Group has not provided any financial guarantees. Notes to the Consolidated Financial Statements continued 96 EQ Resources Limited Annual Report 2023
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